Issue - meetings

Councillors noted that the Council had a number of economic strategies that had now reached their expiration and needed to be updated.

Major economic shocks such as the COVID-19 pandemic, Brexit and the cost-of-living crisis had brought changes and uncertainties to the economic landscape requiring a reassessment of challenges, opportunities and priorities. Coupled with the borough’s relatively weak economic performance compared to other locations - a trend preceding the COVID-19 pandemic - there was impetus to set out a refreshed strategy and action plan to reinvigorate Guildford’s economy and ensure it was a place where businesses and residents could continue to thrive.

In light of the changes to the economic landscape, and in line with the Council’s Corporate Plan 2021 - 2025, the Council considered a report which presented a new Economic Development Strategy and accompanying draft action plan for the period up to 2040, outlining a renewed vision and priorities to support the local economy. 

At its meeting earlier in the day, the Executive had also considered the report on this matter and had endorsed the recommendation therein.

Upon the motion of the Lead Councillor for Regeneration, Councillor John Redpath, seconded by the Deputy Leader of the Council, and lead Councillor for Finance and Planning Policy, Councillor Joss Bigmore, the Council

RESOLVED:

(1)   That the Economic Development Strategy 2023-2040 and the supporting evidence base, attached as Appendices 1 and 3 respectively to the report submitted to the Council, be adopted.

(2)   That the draft Economic Development Action Plan, attached as Appendix 2 to the report, which will be subject to further consultation with strategic partners, be noted.

Reason:

To support the reinvigoration of Guildford’s economy, the new Economic Development Strategy and Action Plan:

·       Sets out the case for action in light of changes to the international, national and regional economic landscape.

·       Gives an updated analysis of Guildford’s strengths, weaknesses, opportunities and threats.

·       Identifies key strengths and opportunities to for the Council and its partners to harness, such as sector specialisms and economic assets (e.g. commercial spaces).

·       Highlights the importance of mitigating the environmental impact of economic activity to reflect climate change and sustainability issues.

·       Identifies the levers that the Council can utilise to address priorityinterventions that can help deliver significant positive impact for our economy.

Decision:

(1)      To recommend that the Council adopts the Economic Development Strategy 2023-2040 and the supporting evidence base, attached as Appendices 1 and 3 respectively to the report submitted to the Executive.

(2)      That the draft Economic Development Action Plan, attached as Appendix 2 to the report, which will be subject to further consultation with strategic partners, be noted.

Reasons:

To support the reinvigoration of Guildford’s economy, the new Economic Development Strategy and Action Plan:

·         Sets out the case for action in light of changes to the international, national and regional economic landscape.

·         Gives an updated analysis of Guildford’s strengths, weaknesses, opportunities and threats.

·         Identifies key strengths and opportunities to for the Council and its partners to harness, such as sector specialisms and economic assets (e.g. commercial spaces).

·         Highlights the importance of mitigating the environmental impact of economic activity to reflect climate change and sustainability issues.

·         Identifies the levers that the Council can utilise to address priorityinterventions that can help deliver significant positive impact for our economy.

Other options considered and rejected by the Executive:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.

The Lead Councillor for Customer and Commercial Services introduced the report to the Executive that, in line with the Council’s Corporate Plan 2021 - 2025, presented a new Economic Development Strategy and accompanying draft action plan for the period up to 2040, outlining a renewed vision and priorities to support the local economy.  If adopted, the strategy would replace those economic strategies that had now reached their expiration.

Guildford was a well located and well connected borough with strong economic foundations, but like elsewhere had experienced major economic shocks from the COVID-19 pandemic, Brexit and the cost-of-living crisis. Now, a reassessment of Guildford’s challenges, opportunities and priorities was required. The council needed to respond and to set out a refreshed strategy and action plan to reinvigorate Guildford’s economy and ensure it is a place where businesses and residents could continue to thrive.

It was noted that Guildford’s residents were highly skilled and largely of working age. The borough was home to strong clusters such as the visitor economy and the gaming industry along with an entrepreneurial rural economy. However, to retain it’s place regionally and nationally the new strategy was required to better adapt to current challenges with an action plan that acknowledged current circumstances. The draft strategy proposed a strong partnership approach seeing the council working alongside key stakeholders. Consequently, the action plan would be subject to further consultation with these groups and achieve a commitment to co-delivery

The council had tasked Avison Young consultants to draw up the evidence base and the draft strategy and action plan. There had been extensive research and consultation undertaken to produce a new vision which was to re-establish Guildford at the heart of Surrey’s economy.

From the research data it was noted that 70% of Guildford’s residents were described as skilled workers. Consequently, there was a lack of non-skilled workers who were needed to support the economy. This was directly linked to the affordability and availability of housing in the borough. The council was progressing the Weyside Urban Village scheme and 40% of the new housing would be affordable contributing towards this deficit. Scarcity of land to develop in the borough was mentioned as compounding factor. It was noted that Surrey County Council had recently published a strategy aimed at engaging all tiers of local government to work together to address the issue and to release land.

The quality and suitability of commercial space available was highlighted, noting that Government had restricted the capacity for the council to invest in such stock which was a problem.

Some 40% of the town centre retail units were housing national chains which had been challenged in the strategy as lacking economic diversity. However, it was argued that retail chains could be more financially viable than independents.

The medium to long term issues set out in the report could be addressed the ‘Shaping Guildford’s Future’ programme being progressed by the council in terms of delivering more affordable homes, employment opportunities and making the town generally more  ...  view the full minutes text for item 87

A report regarding the above was before the Executive Advisory Board (EAB) for consideration.  The purpose of the report was to obtain the views and comments of the EAB in respect of the Economic Development Strategy 2023-2040 and the associated draft Action Plan, supported by an Evidence Base document, which would be subject to further consultation with strategic partners.

The Council had appointed property consultants Avison Young to advise in relation to the Strategy and Action Plan and representatives of the consultancy were in attendance at the meeting.  The Company benefited from considerable experience in respect of working with local authorities and local enterprise partnerships etc to create local economic development strategies.

The Lead Councillor for Customer and Commercial Services introduced the report and advised that a number of the Council’s economic strategies had now reached their expiration and were in need of updating.  In addition, the Borough had experienced the impact of considerable economic shocks, such as the COVID-19 pandemic, Brexit and the cost-of-living crisis, which had brought changes and uncertainties to the local economic landscape requiring a reassessment of the Council’s challenges, opportunities and priorities.

The Borough had strong economic foundations linked to its location and transport connections rendering it accessible to other important national and international economic nodes.  It also benefitted from a highly skilled local workforce and was home to strong economic clusters such as the visitor economy, the vibrant gaming industry and the innovative rural economy.  However, the Borough was currently experiencing relatively weak economic performance compared to other areas, which was a trend preceding the pandemic.  Therefore, there was an impetus in line with the Council’s Corporate Plan 2021 – 2025 to set out a refreshed Strategy and Action Plan to reinvigorate Guildford’s economy and outline a renewed vision and priorities to support the local economy to ensure it was a place where businesses and residents could continue to thrive.  Extensive research and consultation exercises had been conducted to produce the documents and shape the new vision, which featured innovative, progressive, productive, inclusive and green economy aspects.  These were characterised by unique clusters of high growth, knowledge and production-based economic activity, benefiting from the involvement of partners and stakeholders to ensure delivery of the vision.

Representatives of Avison Young gave a presentation which outlined the introduction, purpose, process, outputs, findings, vision, themes and recommendations associated with the Strategy and Action Plan.

In terms of purpose, the consultancy had been commissioned to produce the documents which defined a ten year ambition for Guildford’s economy and identified actions which the Council and its partners needed to undertake to achieve the ambition.  The Strategy was underpinned by evidence, informed by extensive engagement and shaped by the existing strategy and policy.  Whilst the Strategy was ambitious, influenced by best practice and concise to appeal to different audiences, and for sharing between the various organisations responsible for economic development, it was tailored to the current financial landscape of constraints.

The process consisted of four phases, namely, evidence gathering, stakeholder  ...  view the full minutes text for item 60